DGRO vs. VOO

Last updated Jun 11, 2026

DGRO (iShares Core Dividend Growth ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - DGRO is a Large Cap Growth Equities fund tracking the Morningstar US Dividend Growth Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, DGRO returned 13.23%/yr vs 15.13%/yr for VOO. Their correlation of 0.90 suggests significant overlap in exposure. DGRO charges 0.08%/yr vs 0.03%/yr for VOO.

Performance

DGRO vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core Dividend Growth ETF (DGRO) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DGRO achieves a 8.17% return, which is significantly higher than VOO's 6.70% return. Over the past 10 years, DGRO has underperformed VOO with an annualized return of 13.23%, while VOO has yielded a comparatively higher 15.13% annualized return.

DGRO

• 1D: -0.78%
• 1M: 2.19%
• YTD: 8.17%
• 6M: 7.85%
• 1Y: 20.99%
• 3Y*: 16.53%
• 5Y*: 10.48%
• 10Y*: 13.23%

VOO

• 1D: -1.57%
• 1M: -1.84%
• YTD: 6.70%
• 6M: 6.15%
• 1Y: 21.76%
• 3Y*: 20.69%
• 5Y*: 12.93%
• 10Y*: 15.13%

*Multi-year figures are annualized to reflect compound growth (CAGR)

DGRO vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DGRO iShares Core Dividend Growth ETF	8.17%	15.69%	16.62%	10.47%	-7.91%	26.64%	9.50%	29.87%	-2.38%	23.00%
VOO Vanguard S&P 500 ETF	6.70%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between DGRO and VOO is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jun 12, 2014	0.90

Over the past year, the correlation between DGRO and VOO has dropped to 0.69 - well below their long-term average of 0.90, suggesting their price drivers have been diverging.

DGRO vs. VOO - Sectors Allocation Comparison

Sectors	DGRO	VOO
Financial Services	21.2%	11.6%
Technology	19.4%	35.7%
Healthcare	16.4%	8.5%
Consumer Defensive	11.5%	4.9%
Industrials	10.8%	8.3%
Utilities	6.9%	2.4%
Consumer Cyclical	5.7%	10.2%
Energy	5.6%	3.5%
Basic Materials	2.5%	1.8%
Communication Services	0.1%	11.3%
Real Estate	-	1.9%

Return for Risk

DGRO vs. VOO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DGRO

DGRO Risk / Return Rank: 78
DGRO Sharpe Ratio Rank: 80
DGRO Sortino Ratio Rank: 83
DGRO Omega Ratio Rank: 78
DGRO Calmar Ratio Rank: 74
DGRO Martin Ratio Rank: 76

VOO

VOO Risk / Return Rank: 62
VOO Sharpe Ratio Rank: 63
VOO Sortino Ratio Rank: 60
VOO Omega Ratio Rank: 62
VOO Calmar Ratio Rank: 57
VOO Martin Ratio Rank: 70

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DGRO vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core Dividend Growth ETF (DGRO) and Vanguard S&P 500 ETF (VOO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	DGRO	VOO	Difference
Sharpe ratio: Return per unit of total volatility	2.21	1.80	+0.41
Sortino ratio: Return per unit of downside risk	3.22	2.44	+0.78
Omega ratio: Gain probability vs. loss probability	1.40	1.33	+0.07
Calmar ratio: Return relative to maximum drawdown	3.26	2.46	+0.80
Martin ratio: Return relative to average drawdown	12.55	11.16	+1.39

DGRO vs. VOO - Sharpe Ratio Comparison

The current DGRO Sharpe Ratio is 2.21, which is comparable to the VOO Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of DGRO and VOO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DGRO vs. VOO - Drawdown Comparison

The maximum DGRO drawdown since its inception was -35.10%, roughly equal to the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for DGRO and VOO.

Drawdown Indicators

	DGRO	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-35.10%	-33.99%	-1.11%
Max Drawdown (1Y) Largest decline over 1 year	-6.47%	-8.90%	+2.43%
Max Drawdown (3Y) Largest decline over 3 years	-14.03%	-18.69%	+4.66%
Max Drawdown (5Y) Largest decline over 5 years	-19.31%	-24.52%	+5.21%
Max Drawdown (10Y) Largest decline over 10 years	-35.10%	-33.99%	-1.11%
Current Drawdown Current decline from peak	-1.35%	-4.47%	+3.12%
Average Drawdown Average peak-to-trough decline	-3.44%	-3.69%	+0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.68%	1.95%	-0.27%

Volatility

DGRO vs. VOO - Volatility Comparison

The current volatility for iShares Core Dividend Growth ETF (DGRO) is 2.51%, while Vanguard S&P 500 ETF (VOO) has a volatility of 3.97%. This indicates that DGRO experiences smaller price fluctuations and is considered to be less risky than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DGRO	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.51%	3.97%	-1.46%
Volatility (6M) Calculated over the trailing 6-month period	6.99%	9.45%	-2.46%
Volatility (1Y) Calculated over the trailing 1-year period	9.55%	12.17%	-2.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.83%	16.87%	-3.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.63%	18.03%	-1.40%

DGRO vs. VOO - Expense Ratio Comparison

DGRO has a 0.08% expense ratio, which is higher than VOO's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

DGRO vs. VOO - Dividend Comparison

DGRO's dividend yield for the trailing twelve months is around 1.97%, more than VOO's 1.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGRO iShares Core Dividend Growth ETF	1.97%	2.09%	2.26%	2.45%	2.34%	1.93%	2.30%	2.21%	2.44%	2.03%	2.27%	2.52%
VOO Vanguard S&P 500 ETF	1.07%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both DGRO and VOO in my portfolio?

DGRO and VOO have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DGRO or VOO?

VOO has higher volatility (3.97%) compared to DGRO (2.51%). In terms of maximum drawdown, DGRO dropped -35.10% vs VOO's -33.99%.

Which ETF is better, DGRO or VOO?

On 10-year performance, VOO leads with 15.13% vs 13.23% for DGRO. On fees, VOO is cheaper at 0.03% per year. On volatility, DGRO has been the lower-risk option at 2.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DGRO or VOO?

Over the 10-year period, VOO has performed better with a 15.13% return vs 13.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DGRO or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.08% for DGRO.

Which ETF pays a higher dividend yield, DGRO or VOO?

DGRO has the higher dividend yield at 1.97%, compared with 1.07% for VOO.

What is the main difference between DGRO and VOO?

DGRO is categorized as Large Cap Growth Equities, while VOO is S&P 500. DGRO tracks Morningstar US Dividend Growth Index, while VOO tracks S&P 500 Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.08% for DGRO and 0.03% for VOO.

Which has better risk-adjusted returns?

DGRO currently has the higher Sharpe Ratio (2.21 vs 1.80), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.